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Optimism over the possibility of a trade deal between Beijing and Washington boosted the local market on Friday, after US President Donald Trump tweeted that both countries were “pushing to finalise the phase-one deal”. At the closing bell, the JSE All Share gained 1.66%.
Wall Street indices logged gains on Friday ahead of a news briefing by Chinese officials on the progress of the US-China trade negotiations. Shortly after the JSE closed, the Dow went up by 0.49%.
European shares hit record highs in the previous trading session after the British Conservative Party won the 2019 UK general elections, easing concerns over Brexit. The pan-European STOXX 600 Index gained 1.39%.
Hong Kong stocks ended lower as persistent concerns about the anti-government protests in the Asian financial hub outweighed enthusiasm of a possible trade deal. The Hang Seng lost 0.65%.
Japanese shares fell in the previous trading session after peaking at 14-month highs on Friday, following an excellent performance by banks and steelmakers on the back of renewed trade deal optimism. The Nikkei closed 0.29% lower.
The local currency peaked at a four-month high on Friday as investors across the board cheered the prospect of a US-China trade deal. At 20h15, the dollar was trading at R14.35.
Gold prices remained range-bound on Friday as “a weaker dollar helped offset pressures from an increased appetite for riskier assets,” boosted by trade deal optimism. An ounce of spot gold traded at $1 476.19 at 20h30.
The price of oil reached its highest level since September on Friday “with a weaker dollar lending support as new OPEC+ oil supply cut starts are due to start in January”. At 20h40 a barrel of Brent crude traded at $65.66.
Source: Reuters, Business Day, Trading Economics
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